Mary Beth’s Corner

Hurricane Ian Retirement Plan Relief

My Benefits is continuing to monitor news around Hurricane Ian and report retirement plan relief efforts as they’re announced.

 

It is our commitment to keep you informed and up to date on specific relief provisions declared by the IRS in an attempt to bring solace to those affected communities. Below you will find updates to tax filings deadlines, safe harbor hardship withdrawals and links to request disaster relief.

Extended IRS Deadlines

As of Wednesday, October 5, 2022, the IRS is extending the deadline to file various individual and business tax returns (including form 5500 filings) and make tax filings in the qualifying disaster areas of Florida, North Carolina and South Carolina

This means that certain deadlines falling on or after September 23, 2022, and before February 15, 2023, are postponed through February 15, 2023. Visit the IRS Website to learn more.

The IRS automatically identifies taxpayers located in the covered disaster area, designated by FEMA, and applies filing and payment relief. Affected taxpayers who reside or have a business located outside the covered disaster area should call the IRS disaster hotline at 866-562-5227 to request this tax relief.

Hardship Withdrawals

Nothing can fully prepare you for the effects of a natural disaster but certain retirement plan provisions can offer some assistance.

Plans may permit safe harbor hardship withdrawals in the event of certain disasters. Reliant on plan permissions, participants can seek reimbursement for expenses and losses on account of disaster declared by FEMA.

My Benefits' Promise

We are actively monitoring IRS updates in regards to disaster relief and are committed to alleviate stressors caused by plan administration.

 If you have questions about your current plan options or provisions within your plan, contact your My Benefits representative today.

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